USDJPY keeps the up and down waffling going

Technical Analysis

Author: Greg Michalowski | usdjpy

Moving back above the 100/200 hour MA

The USDJPY has been mired in a range between 109.523 and 110.129 over the last 10 trading days.  That is not a lot of wiggle room.  

Moving back above the 100/200 hour MA

In between the 2 levels is the 100 and 200 hour moving averages which are now near converged at 109.828. The price today started near those moving averages, moved lower but could not get below the swing low from last Thursday at 109.612. The price has just moved back above the 100/200 hour moving averages and trades to a new session high.

On the topside the 110.00 area followed by the high from last week at 110.129 are upside targets.  There are a lot of swing levels between 109.954 and 110.012 as well.

Stocks are opening. The major indices are trading lower but off the lowest levels from premarket trading. 
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